British Business Investments has agreed a new facility to Shire (Shire Leasing and Shire Securities) to enable an increased flow of asset finance solutions to UK smaller businesses for business-critical asset acquisition across the agriculture, business services, manufacturing and construction sectors.
The facility, made from the Structured Financial Institutions Solutions variant of the Bank’s Investment Programme amounts to £25m of block discounting funding.
The British Business Bank has had a successful operating relationship with Shire Leasing for over a decade, and during this time, Shire has seen a significant transformation of its own book portfolio, growing from around £50m ten years ago to over £225m today.
As Shire moves into its next development phase with the acquisition of Shire Securities, it will enable the generation of further growth in lending to UK smaller businesses.
Jonathan Marriott, Senior Director, Structured Financial Institutions Solutions, British Business Bank, said: “The use of our block discounting model has proved to be an effective way of providing valuable additional funding by widening the choice of finance options that smaller businesses across the UK can access.”
Helen Lumb, Managing Director at Shire added: “Our ongoing partnership with the British Business Bank continues to strengthen our ability to support UK SMEs and this new funding commitment is a testament to our shared vision of making finance more accessible to businesses across various sectors.”